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E-L Financial Corporation Limited Announces Agreement to Sell The Dominion of Canada General Insurance Company to Travelers

TORONTO, June 10, 2013 /CNW/ - E-L Financial Corporation Limited (ELF,
ELF.PR.F, ELF.PR.G, ELF.PR.H) today announced an agreement to sell its
wholly-owned subsidiary The Dominion of Canada General Insurance
Company to The Travelers Companies, Inc. (NYSE: TRV) for $1.125 billion
in cash, subject to adjustment. The transaction is expected to close
before the end of 2013, subject to regulatory approval and customary
closing conditions.

"We are extremely proud of what The Dominion team has achieved over the
years. We could not be happier that Travelers, a highly respected and
well capitalized firm, will be the platform for future growth and
success" stated Mr. Duncan N.R. Jackman, President and Chief Executive
Officer of E-L Financial.

E-L Financial operates as an investment and insurance holding company.
In addition to The Dominion, E-L Financial owns 80% of The Empire Life
Insurance Company, which underwrites life and health insurance policies
and provides segregated funds, mutual funds and annuity products. E-L
Financial remains committed to Empire Life and the life insurance
industry in Canada. E-L Financial has not yet determined its plans
for the proceeds of the sale.

Founded in 1887 with Sir John A. Macdonald as its first president, The
Dominion established its headquarters in Toronto when the city's
population was just 181,000. Expanding across Canada over the decades
to come, the company has withstood more than a century of economic
change to earn a reputation for stability, integrity and strength.
"The history of The Dominion is special and it parallels that of Canada
itself" says The Hon. Henry N.R. Jackman, who is now Honorary Chairman
of the Board of Directors of The Dominion. The Dominion is one of the
country's largest property and casualty insurers with its head office
in Toronto at the corner of University Avenue and Adelaide Street in
downtown Toronto. The Dominion also has regional offices across Canada
in Vancouver, Edmonton, Calgary, London, Oakville, Markham, Ottawa,
Charlottetown, and Halifax.

Caution Concerning Forward-Looking Statements
Certain statements made in this news release, including, but not limited
to, statements relating to the proposed sale of The Dominion of Canada
General Insurance Company to The Travelers Companies, Inc., the
expected closing date of the transaction, and other statements that are
not historical facts, are forward-looking. Forward-looking statements,
by their very nature, are subject to inherent risks and uncertainties
and are based on several assumptions which give rise to the possibility
that actual results or events could differ materially from our
expectations expressed in or implied by such forward-looking
statements. As a result, we cannot guarantee that any forward-looking
statement will materialize and you are cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this news release describe our expectations at
the date of this news release and, accordingly, are subject to change
after such date. Except as may be required by Canadian securities laws,
we do not undertake any obligation to update or revise any
forward-looking statements contained in this news release, whether as a
result of new information, future events or otherwise. Forward-looking
statements are provided herein for the purpose of giving information
about the proposed transaction referred to above and its expected
impact. Readers are cautioned that such information may not be
appropriate for other purposes. The timing and completion of the
above-mentioned proposed transaction is subject to customary closing
conditions, termination rights and other risks and uncertainties
including, without limitation, regulatory filings and approvals.
Accordingly, there can be no assurance that the proposed transaction
will occur, or that it will occur at the expected time or on the terms
and conditions contemplated in this news release. The proposed
transaction could be modified, restructured or terminated. There can
also be no assurance that the strategic benefits expected to result
from the transaction will be fully realized.